FASB ASC 842 requires organizations to recognize lease assets and liabilities on the balance sheet and to disclose key information about lease arrangements.
This self-study course provides an in-depth look at the new leases standard, FASB ASC 842, covering identification, recognition, measurement, and presentation and disclosure requirements.
Both the lessee and lessor accounting models, as well as short-term leases, purchase options, variable lease payments, and sale and leaseback transactions are addressed. Also included is a chapter that examines the differences between FASB ASU No. 2016-02 and IFRS 16.
Updates in 2019
This 2019 edition includes lease amortization schedules to illustrate existing examples of a lessee's accounting for finance and operating leases, as well as lease modifications. Other changes for 2019 include conforming updates in response to FASB's issuance of ASU No. 2018-11, which amended requirements for transition and separating components of a contract.